Crude Oil may open in green tracking positive international markets as it can move in range of 3300-3380 in MCX. Oil prices fell early on Monday, pulled down by a rising rig count in the United States, a strong dollar and record OPEC-output which comes amid slowing global economic growth that could erode fuel demand.
A closely watched report on Friday by oil services provider Baker Hughes showed U.S. drillers added four rigs in the week to Oct. 14. It was the 16th week in a row that oil drillers had gone without making cuts, indicating more production to come.
Brent was also weighed by fresh production records from the Organization of the Petroleum Exporting Countries (OPEC), which pumped out a record 33.6 million barrels of Crude Oil per day in September. Natural Gas may dip lower on profit booking as it can move in range of 215-220 in MCX.
Courtesy: Smc Comtrade